This book covers the theory, practicalities, and the extensive applications of neutron powder diffraction in materials science, physics, chemistry, mineralogy, and engineering. Various highlight ...
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This book covers the theory, practicalities, and the extensive applications of neutron powder diffraction in materials science, physics, chemistry, mineralogy, and engineering. Various highlight applications of neutron powder diffraction are outlined in the introduction, then the theory is developed and instrumentation described sufficient for a return to the applications. The book covers the use of neutron powder diffraction in the solution (hard) and refinement (more straightforward) of crystal and magnetic structures, applications of powder diffraction in quantitative phase analysis, extraction of microstructural information from powder diffraction patterns, and the applications of neutron diffraction in studies of elastic properties and for the measurement of residual stress. Additional theory to underpin these various applications is developed as required.Less

Applications of Neutron Powder Diffraction

Erich H. KisiChristopher J. Howard

Published in print: 2008-10-02

This book covers the theory, practicalities, and the extensive applications of neutron powder diffraction in materials science, physics, chemistry, mineralogy, and engineering. Various highlight applications of neutron powder diffraction are outlined in the introduction, then the theory is developed and instrumentation described sufficient for a return to the applications. The book covers the use of neutron powder diffraction in the solution (hard) and refinement (more straightforward) of crystal and magnetic structures, applications of powder diffraction in quantitative phase analysis, extraction of microstructural information from powder diffraction patterns, and the applications of neutron diffraction in studies of elastic properties and for the measurement of residual stress. Additional theory to underpin these various applications is developed as required.

Financial markets provide a fascinating example of ‘complexity in action’: a real-world complex system whose evolution is dictated by the decisions of crowds of traders who are continually trying to ...
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Financial markets provide a fascinating example of ‘complexity in action’: a real-world complex system whose evolution is dictated by the decisions of crowds of traders who are continually trying to win in a vast global ‘game’. This book draws on recent ideas from the highly-topical science of complexity and complex systems to address the following questions: how do financial markets behave? Why do financial markets behave in the way that they do? What can we do to minimize risk, given this behavior? Standard finance theory is built around several seemingly innocuous assumptions about market dynamics. This book shows how these assumptions can give misleading answers to crucially important practical problems such as minimizing financial risk, coping with extreme events such as crashes or drawdowns, and pricing derivatives. After discussing the background to the concept of complexity and the structure of financial markets in Chapter 1, Chapter 2 examines the assumptions upon which standard finance theory is built. Reality sets in with Chapter 3, where data from two seemingly different markets are analyzed and certain universal features uncovered which cannot be explained within standard finance theory. Chapters 4 and 5 mark a significant departure from the philosophy of standard finance theory, being concerned with exploring microscopic models of markets which are faithful to real market microstructure, yet which also reproduce real-world features. Chapter 6 moves to the practical problem of how to quantify and hedge risk in real world markets. Chapter 7 discusses deterministic descriptions of market dynamics, incorporating the topics of chaos and the all-important phenomenon of market crashes.Less

Financial Market Complexity

Neil F. JohnsonPaul JefferiesPak Ming Hui

Published in print: 2003-07-03

Financial markets provide a fascinating example of ‘complexity in action’: a real-world complex system whose evolution is dictated by the decisions of crowds of traders who are continually trying to win in a vast global ‘game’. This book draws on recent ideas from the highly-topical science of complexity and complex systems to address the following questions: how do financial markets behave? Why do financial markets behave in the way that they do? What can we do to minimize risk, given this behavior? Standard finance theory is built around several seemingly innocuous assumptions about market dynamics. This book shows how these assumptions can give misleading answers to crucially important practical problems such as minimizing financial risk, coping with extreme events such as crashes or drawdowns, and pricing derivatives. After discussing the background to the concept of complexity and the structure of financial markets in Chapter 1, Chapter 2 examines the assumptions upon which standard finance theory is built. Reality sets in with Chapter 3, where data from two seemingly different markets are analyzed and certain universal features uncovered which cannot be explained within standard finance theory. Chapters 4 and 5 mark a significant departure from the philosophy of standard finance theory, being concerned with exploring microscopic models of markets which are faithful to real market microstructure, yet which also reproduce real-world features. Chapter 6 moves to the practical problem of how to quantify and hedge risk in real world markets. Chapter 7 discusses deterministic descriptions of market dynamics, incorporating the topics of chaos and the all-important phenomenon of market crashes.

Obviously, any collection of words meant for general use mirrors the world at the time when the words were culled. Using the lexemes ‘Negro’, ‘sex’, and ‘tolerance’ and related items, concrete ...
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Obviously, any collection of words meant for general use mirrors the world at the time when the words were culled. Using the lexemes ‘Negro’, ‘sex’, and ‘tolerance’ and related items, concrete illustration is given as to what these mean. With ‘Negro’ it is political correctness, with ‘sex’ it is common decency, and with ‘tolerance’ it is the emotional value of an abstract term which are shown to be influential.Less

Three Words from the Thesaurus: Negro, Sex, and Tolerance

Werner Hüllen

Published in print: 2009-01-29

Obviously, any collection of words meant for general use mirrors the world at the time when the words were culled. Using the lexemes ‘Negro’, ‘sex’, and ‘tolerance’ and related items, concrete illustration is given as to what these mean. With ‘Negro’ it is political correctness, with ‘sex’ it is common decency, and with ‘tolerance’ it is the emotional value of an abstract term which are shown to be influential.

Asset prices are driven by public news and information that is dispersed among many market participants. Traditional asset pricing theories have assumed that all investors hold symmetric information. ...
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Asset prices are driven by public news and information that is dispersed among many market participants. Traditional asset pricing theories have assumed that all investors hold symmetric information. Research in the past two decades has shown that the inclusion of asymmetric information drastically alters traditional results. This book provides a detailed up‐to‐date survey that serves as a map for students and other researchers navigating through this literature.The book starts by introducing the reader to different knowledge, equilibrium, and efficiency concepts. After explaining no‐trade theorems, it highlights the important role of asymmetric information in explaining the existence and anatomy of bubbles. The subsequent overview of market microstructure models shows how information is reflected in prices and how traders can infer it from prices. Insights derived from herding models are used to provide explanations for stock market crashes. If investors have short horizons, price correcting arbitrage activity is limited and investors have a tendency to focus on the same (possible unimportant) news, a phenomena that led Keynes to compare the stock market with a beauty contest. The book concludes with a brief summary of bank runs and their connection to financial crises.In summary, models with asymmetric information provide a better understanding of bubbles, crashes, and other market inefficiencies and frictions.Less

Markus K. Brunnermeier

Published in print: 2001-01-25

Asset prices are driven by public news and information that is dispersed among many market participants. Traditional asset pricing theories have assumed that all investors hold symmetric information. Research in the past two decades has shown that the inclusion of asymmetric information drastically alters traditional results. This book provides a detailed up‐to‐date survey that serves as a map for students and other researchers navigating through this literature.

The book starts by introducing the reader to different knowledge, equilibrium, and efficiency concepts. After explaining no‐trade theorems, it highlights the important role of asymmetric information in explaining the existence and anatomy of bubbles. The subsequent overview of market microstructure models shows how information is reflected in prices and how traders can infer it from prices. Insights derived from herding models are used to provide explanations for stock market crashes. If investors have short horizons, price correcting arbitrage activity is limited and investors have a tendency to focus on the same (possible unimportant) news, a phenomena that led Keynes to compare the stock market with a beauty contest. The book concludes with a brief summary of bank runs and their connection to financial crises.

In summary, models with asymmetric information provide a better understanding of bubbles, crashes, and other market inefficiencies and frictions.

The term “Broca region” is used inconsistently in the literature with respect to the underlying microstructure. It is often applied as a clinical and/or historical concept of a center of language ...
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The term “Broca region” is used inconsistently in the literature with respect to the underlying microstructure. It is often applied as a clinical and/or historical concept of a center of language processing without keeping in mind a certain microstructurally defined cortical area. However, it appears yet undecided whether the concept of “Broca region” is more than a historical one or an imprecise descriptor of a language center, that is, whether a functionally and/or anatomically defined unit is beyond the term. Thus, it seems to be reasonable, at least, to investigate this question using a combination of anatomical approaches (multimodal analysis of microstructure) with functional analysis of language (psycholinguistics) and, finally, clinical studies. This chapter focuses on the microstructure of the putative Broca region and how this anatomical information can be used for the interpretation of data from functional imaging studies (fMRI, positonemission tomography (PET)) of language-related tasks.Less

A Multimodal Analysis of Structure and Function in Broca’s Region

Katrin AmuntsKarl Zilles

Published in print: 2006-05-25

The term “Broca region” is used inconsistently in the literature with respect to the underlying microstructure. It is often applied as a clinical and/or historical concept of a center of language processing without keeping in mind a certain microstructurally defined cortical area. However, it appears yet undecided whether the concept of “Broca region” is more than a historical one or an imprecise descriptor of a language center, that is, whether a functionally and/or anatomically defined unit is beyond the term. Thus, it seems to be reasonable, at least, to investigate this question using a combination of anatomical approaches (multimodal analysis of microstructure) with functional analysis of language (psycholinguistics) and, finally, clinical studies. This chapter focuses on the microstructure of the putative Broca region and how this anatomical information can be used for the interpretation of data from functional imaging studies (fMRI, positonemission tomography (PET)) of language-related tasks.

This introductory chapter presents some ideas and key concepts in materials science. These include developments in the field of materials science, examples demonstrating the critical role played by ...
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This introductory chapter presents some ideas and key concepts in materials science. These include developments in the field of materials science, examples demonstrating the critical role played by material instabilities and pattern formation, the control of microstructure formation, and new materials design.Less

INTRODUCTION

Nasr M. GhoniemDaniel D. Walgraef

Published in print: 2008-02-07

This introductory chapter presents some ideas and key concepts in materials science. These include developments in the field of materials science, examples demonstrating the critical role played by material instabilities and pattern formation, the control of microstructure formation, and new materials design.

This chapter presents theoretical developments in the treatment of atomic clustering. The theory is applicable to atomic species, which broadly include lattice or surface atoms, molecules, impurities ...
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This chapter presents theoretical developments in the treatment of atomic clustering. The theory is applicable to atomic species, which broadly include lattice or surface atoms, molecules, impurities or point defects. The theory is applied in two general areas: on studies of nucleation and growth of precipitates during solidification of metallic alloys, and on atomic clustering on surfaces during deposition of vapour or energetic atoms.Less

NONEQUILIBRIUM PHASE TRANSITIONS

Nasr M. GhoniemDaniel D. Walgraef

Published in print: 2008-02-07

This chapter presents theoretical developments in the treatment of atomic clustering. The theory is applicable to atomic species, which broadly include lattice or surface atoms, molecules, impurities or point defects. The theory is applied in two general areas: on studies of nucleation and growth of precipitates during solidification of metallic alloys, and on atomic clustering on surfaces during deposition of vapour or energetic atoms.

The third chapter contrasts different market microstructure models. In the first group of models, all market participants submit whole demand schedules simultaneously. The traders either act ...
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The third chapter contrasts different market microstructure models. In the first group of models, all market participants submit whole demand schedules simultaneously. The traders either act strategically or are price takers as in the competitive Rational Expectations Equilibrium. The strategic models are closely related to share auctions or divisible goods auctions. In the second group of models some traders simultaneously submit demand/supply schedules in the first stage and build up a whole supply schedule in form of a limit order book. In the second stage a possibly informed trader chooses his optimal demand from the offered supply schedule. A comparison between uniform pricing and discriminatory pricing is also drawn. Sequential trade models à la Glosten and Milgrom (1985) form the third group of models. In these models, the order size is restricted to one unit and thus the competitive market maker quotes only a single bid and a single ask price instead of a whole supply schedule. In the fourth group of models, the informed traders move first. The classical reference for these models is Kyle (1985).Less

Classification of Market Microstructure Models

Markus K. Brunnermeier

Published in print: 2001-01-25

The third chapter contrasts different market microstructure models. In the first group of models, all market participants submit whole demand schedules simultaneously. The traders either act strategically or are price takers as in the competitive Rational Expectations Equilibrium. The strategic models are closely related to share auctions or divisible goods auctions. In the second group of models some traders simultaneously submit demand/supply schedules in the first stage and build up a whole supply schedule in form of a limit order book. In the second stage a possibly informed trader chooses his optimal demand from the offered supply schedule. A comparison between uniform pricing and discriminatory pricing is also drawn. Sequential trade models à la Glosten and Milgrom (1985) form the third group of models. In these models, the order size is restricted to one unit and thus the competitive market maker quotes only a single bid and a single ask price instead of a whole supply schedule. In the fourth group of models, the informed traders move first. The classical reference for these models is Kyle (1985).

The irradiation of materials with energetic particles may induce drastic changes in their microstructure, and hence may induce important variations in their physicochemical properties. This chapter ...
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The irradiation of materials with energetic particles may induce drastic changes in their microstructure, and hence may induce important variations in their physicochemical properties. This chapter discusses the phase stability of metals and alloys under irradiation, self-organization of defect microstructure, the rate theory of microstructure self-organization, nonlinear evolution dynamics, dislocation and void dynamics, and spatial instability.Less

RADIATION-INDUCED INSTABILITIES

Nasr M. GhoniemDaniel D. Walgraef

Published in print: 2008-02-07

The irradiation of materials with energetic particles may induce drastic changes in their microstructure, and hence may induce important variations in their physicochemical properties. This chapter discusses the phase stability of metals and alloys under irradiation, self-organization of defect microstructure, the rate theory of microstructure self-organization, nonlinear evolution dynamics, dislocation and void dynamics, and spatial instability.

This chapter is focused on mechanical instabilities, which give rise to microstructure pattern formation and eventual failure of stressed solids. Plastic instabilities are described in detail because ...
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This chapter is focused on mechanical instabilities, which give rise to microstructure pattern formation and eventual failure of stressed solids. Plastic instabilities are described in detail because of their importance in understanding the mechanical behaviour of materials, and because of the strong link between mechanical instabilities and failure. The problem of fracture and damage is also discussed within the present framework. Finally, some aspects of the mechanics of granular materials and associated instabilities are considered.Less

MECHANICAL INSTABILITIES

Nasr M. GhoniemDaniel D. Walgraef

Published in print: 2008-02-07

This chapter is focused on mechanical instabilities, which give rise to microstructure pattern formation and eventual failure of stressed solids. Plastic instabilities are described in detail because of their importance in understanding the mechanical behaviour of materials, and because of the strong link between mechanical instabilities and failure. The problem of fracture and damage is also discussed within the present framework. Finally, some aspects of the mechanics of granular materials and associated instabilities are considered.

Business and Management, Finance, Accounting, and Banking, Political Economy

Although it is widely accepted that the dissemination of prices and quotes plays a central role in the functioning of markets, the nature of that role is the subject of much controversy and ...
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Although it is widely accepted that the dissemination of prices and quotes plays a central role in the functioning of markets, the nature of that role is the subject of much controversy and ignorance. This chapter surveys the current state of knowledge on the subject as examined in the economics literature. The chapter is composed of two sections. The first discusses the informational role of prices in equilibrium models. These models attempt to explain how goods are allocated and prices are determined in an economy. The next section focuses on market microstructure literature, a body of work that examines how the detailed structural elements of markets affect their performance. The effects of disseminating different amounts of price and quote information are examined in a range of contexts.Less

Information: Economics

Ruben Lee

Published in print: 2000-01-20

Although it is widely accepted that the dissemination of prices and quotes plays a central role in the functioning of markets, the nature of that role is the subject of much controversy and ignorance. This chapter surveys the current state of knowledge on the subject as examined in the economics literature. The chapter is composed of two sections. The first discusses the informational role of prices in equilibrium models. These models attempt to explain how goods are allocated and prices are determined in an economy. The next section focuses on market microstructure literature, a body of work that examines how the detailed structural elements of markets affect their performance. The effects of disseminating different amounts of price and quote information are examined in a range of contexts.

The Copeland and Galai model introduced in the previous chapter is a preview to the simple market microstructure theory. However, it is a static specification: ruling out dynamic learning effects ...
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The Copeland and Galai model introduced in the previous chapter is a preview to the simple market microstructure theory. However, it is a static specification: ruling out dynamic learning effects which may be like essential in practice. In this structure, prices are fixed the entire day without regard to the flow order. Thus, the Copeland and Galai model is ideal to describe initial expectations and price-setting behaviour in dealership markets. This chapter focuses on the way that secondary market makers and other ‘uninformed’ participants can learn from the trading activity of insiders and other ‘informed’ traders. The model used can help in discussing the regulation of insider trading. The chapter also provides knowledge on insider regulation in practice as well as market transparency, wherein all participants can immediately see the trades taking place.Less

Information Revelation, Transparency and Insider Regulation

Peter d. Spencer

Published in print: 2000-10-12

The Copeland and Galai model introduced in the previous chapter is a preview to the simple market microstructure theory. However, it is a static specification: ruling out dynamic learning effects which may be like essential in practice. In this structure, prices are fixed the entire day without regard to the flow order. Thus, the Copeland and Galai model is ideal to describe initial expectations and price-setting behaviour in dealership markets. This chapter focuses on the way that secondary market makers and other ‘uninformed’ participants can learn from the trading activity of insiders and other ‘informed’ traders. The model used can help in discussing the regulation of insider trading. The chapter also provides knowledge on insider regulation in practice as well as market transparency, wherein all participants can immediately see the trades taking place.

Previous chapters have assumed that information endowments were fixed exogenously. This chapter, however, shows what happens if we assume that the financial research can deliver useful information ...
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Previous chapters have assumed that information endowments were fixed exogenously. This chapter, however, shows what happens if we assume that the financial research can deliver useful information about security values. It adjusts the microstructure model to allow for security research and analyses the way which this information is revealed through open-market trades and prices. In the chapter, the model is used to demonstrate the way in which free rider and other endogenous information problems can hinder the functioning of a capital market. It also answers the question of whether security research plays a useful role in the economy. Although financial economists take it as axiomatic that financial research and efficient prices play an important role in resource allocation, only a few developed theoretical models. Comparisons between strategic research and security analysis are also shown in the chapter, as well as secondary market regulation.Less

Security Research and Regulation

Peter d. Spencer

Published in print: 2000-10-12

Previous chapters have assumed that information endowments were fixed exogenously. This chapter, however, shows what happens if we assume that the financial research can deliver useful information about security values. It adjusts the microstructure model to allow for security research and analyses the way which this information is revealed through open-market trades and prices. In the chapter, the model is used to demonstrate the way in which free rider and other endogenous information problems can hinder the functioning of a capital market. It also answers the question of whether security research plays a useful role in the economy. Although financial economists take it as axiomatic that financial research and efficient prices play an important role in resource allocation, only a few developed theoretical models. Comparisons between strategic research and security analysis are also shown in the chapter, as well as secondary market regulation.

The microscopic examination of fossilized bone tissue is a sophisticated and increasingly important analytical tool for understanding the life history of ancient organisms. This book provides an ...
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The microscopic examination of fossilized bone tissue is a sophisticated and increasingly important analytical tool for understanding the life history of ancient organisms. This book provides an essential primer and manual for using fossil bone histology to investigate the biology of extinct tetrapods. Twelve experts summarize advances in the field over the past three decades, reviewing fundamental basics of bone microanatomy and physiology. Research specimen selection, thin-section preparation, and data analysis are addressed in detail. The authors also outline methods and issues in bone growth rate calculation and chronological age determination, as well as examining broader questions of behavior, ecology, and evolution by studying the microstructure of bone.Less

Published in print: 2013-03-19

The microscopic examination of fossilized bone tissue is a sophisticated and increasingly important analytical tool for understanding the life history of ancient organisms. This book provides an essential primer and manual for using fossil bone histology to investigate the biology of extinct tetrapods. Twelve experts summarize advances in the field over the past three decades, reviewing fundamental basics of bone microanatomy and physiology. Research specimen selection, thin-section preparation, and data analysis are addressed in detail. The authors also outline methods and issues in bone growth rate calculation and chronological age determination, as well as examining broader questions of behavior, ecology, and evolution by studying the microstructure of bone.

This chapter analyses Roget’s Thesaurus as a topical dictionary of synonyms based on the usual lexicographical concepts of macrostructure, microstructure, and pragmatic structures. The preface of the ...
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This chapter analyses Roget’s Thesaurus as a topical dictionary of synonyms based on the usual lexicographical concepts of macrostructure, microstructure, and pragmatic structures. The preface of the Thesaurus is read in the Lockean spirit, the ‘Plan of Classification’ (as macrostructure) is commented upon, and the structure of entry articles (as microstructure) is explained by various examples. It is here that the prefiguring function of the Thesaurus for the future development of semantics becomes most clear. It is also here that post-Thesaurus terms are most needed in order to explain why this is the case. The concepts and corresponding terms of fields, features, prototypes, frames, and scripts are employed. In order to uncover pragmatic structures, content-dependent rules of order are applied.Less

Roget’s Thesaurus: A Topical Dictionary of Synonyms

Werner Hüllen

Published in print: 2003-11-27

This chapter analyses Roget’s Thesaurus as a topical dictionary of synonyms based on the usual lexicographical concepts of macrostructure, microstructure, and pragmatic structures. The preface of the Thesaurus is read in the Lockean spirit, the ‘Plan of Classification’ (as macrostructure) is commented upon, and the structure of entry articles (as microstructure) is explained by various examples. It is here that the prefiguring function of the Thesaurus for the future development of semantics becomes most clear. It is also here that post-Thesaurus terms are most needed in order to explain why this is the case. The concepts and corresponding terms of fields, features, prototypes, frames, and scripts are employed. In order to uncover pragmatic structures, content-dependent rules of order are applied.

Exchange rate behavior has been a major concern in international finance since the breakdown of the Bretton Woods system of pegged exchange rates in the early 1970s. This chapter reviews the ...
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Exchange rate behavior has been a major concern in international finance since the breakdown of the Bretton Woods system of pegged exchange rates in the early 1970s. This chapter reviews the empirical evidence accumulated in the four decades that have elapsed since that event. It focuses first on behavior over the long run—periods of several years or more in length—and then turns to behavior over much shorter periods. To set the stage for these discussions, the chapter begins with an overview of some of the relevant economic theory and of historical antecedents of current exchange-rate research.Less

A Primer on Exchange Rate Behavior

JAMES R. LOTHIANMARK P. TAYLOR

Published in print: 2012-12-24

Exchange rate behavior has been a major concern in international finance since the breakdown of the Bretton Woods system of pegged exchange rates in the early 1970s. This chapter reviews the empirical evidence accumulated in the four decades that have elapsed since that event. It focuses first on behavior over the long run—periods of several years or more in length—and then turns to behavior over much shorter periods. To set the stage for these discussions, the chapter begins with an overview of some of the relevant economic theory and of historical antecedents of current exchange-rate research.

In this chapter, the formation, structures, and properties of a series of thermoplastic starch/ poly(vinylalcohol)(PVOH) nanocomposites with layered silicates are discussed. The relative ...
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In this chapter, the formation, structures, and properties of a series of thermoplastic starch/ poly(vinylalcohol)(PVOH) nanocomposites with layered silicates are discussed. The relative concentrations of PVOH and layered silicate could be related to changes in intergallery spacing and formed a highly ordered intercalated structure. Dispersion of clay platelets was shown to be important in improving mechanical properties in these nanocomposites as was the interfacial interactions of filler and matrix (the more agglomerated composites containing both layered silicate and PVOH led to enhanced tensile strength and tensile modulus as compared to the more well dispersed composites without PVOH). Fourier transform infrared (FTIR) spectra of the thermoplastic starch and starch nanocomposites indicated a range of hydrogen bonding environments were produced between starch chains, PVOH and layered silicates during the extrusion processing stage. The evolution of distinct crystalline phases with ageing is also discussed.Less

Katherine M. DeanEuthathios PetinakisLong Yu

Published in print: 2011-04-28

In this chapter, the formation, structures, and properties of a series of thermoplastic starch/ poly(vinylalcohol)(PVOH) nanocomposites with layered silicates are discussed. The relative concentrations of PVOH and layered silicate could be related to changes in intergallery spacing and formed a highly ordered intercalated structure. Dispersion of clay platelets was shown to be important in improving mechanical properties in these nanocomposites as was the interfacial interactions of filler and matrix (the more agglomerated composites containing both layered silicate and PVOH led to enhanced tensile strength and tensile modulus as compared to the more well dispersed composites without PVOH). Fourier transform infrared (FTIR) spectra of the thermoplastic starch and starch nanocomposites indicated a range of hydrogen bonding environments were produced between starch chains, PVOH and layered silicates during the extrusion processing stage. The evolution of distinct crystalline phases with ageing is also discussed.

This chapter examines the paleophysiology of nonavian dinosaurs. It describes the physiological and functional aspects of dinosaurs and focuses on two distinct physiological attributes: ...
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This chapter examines the paleophysiology of nonavian dinosaurs. It describes the physiological and functional aspects of dinosaurs and focuses on two distinct physiological attributes: thermoregulation and aerobic capacity. New evidence pertaining to dinosaur energetics and thermoregulation is examined. The chapter discusses respiratory turbinates, resting metabolic rates, lung structure, ventilation, elevated active metabolic rates, and the relationship between bone microstructure and thermoregulation in nonavian dinosaurs.Less

Physiology of Nonavian Dinosaurs

Anusuya ChinsamyWillem J. Hillenius

Published in print: 2004-06-12

This chapter examines the paleophysiology of nonavian dinosaurs. It describes the physiological and functional aspects of dinosaurs and focuses on two distinct physiological attributes: thermoregulation and aerobic capacity. New evidence pertaining to dinosaur energetics and thermoregulation is examined. The chapter discusses respiratory turbinates, resting metabolic rates, lung structure, ventilation, elevated active metabolic rates, and the relationship between bone microstructure and thermoregulation in nonavian dinosaurs.

The way in which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. This book offers a more ...
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The way in which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. This book offers a more accurate and authoritative take on liquidity and price discovery. The book starts from the assumption that not everyone is present at all times simultaneously on the market, and that even the limited number of participants who are there have quite diverse information about the security's fundamentals. As a result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus, a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. This book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The book draws on a vast body of theoretical insights and empirical findings on security price formation that have accumulated in the last thirty years, and have come to form a well-defined field within financial economics known as “market microstructure.” Focusing on liquidity and price discovery, the chapters analyze the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity suffers. The book also confronts many puzzling phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time, why large trades move prices up or down, and why these price changes are subsequently reversed, why we see concentration of securities trading, why some traders willingly disclose their intended trades while others hide them, and why we observe temporary deviations from arbitrage prices.Less

Market Liquidity : Theory, Evidence, and Policy

Thierry FoucaultMarco PaganoAilsa Roell

Published in print: 2013-03-25

The way in which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. This book offers a more accurate and authoritative take on liquidity and price discovery. The book starts from the assumption that not everyone is present at all times simultaneously on the market, and that even the limited number of participants who are there have quite diverse information about the security's fundamentals. As a result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus, a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. This book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The book draws on a vast body of theoretical insights and empirical findings on security price formation that have accumulated in the last thirty years, and have come to form a well-defined field within financial economics known as “market microstructure.” Focusing on liquidity and price discovery, the chapters analyze the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity suffers. The book also confronts many puzzling phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time, why large trades move prices up or down, and why these price changes are subsequently reversed, why we see concentration of securities trading, why some traders willingly disclose their intended trades while others hide them, and why we observe temporary deviations from arbitrage prices.

This introductory chapter begins with an overview of what this book is about. It identifies two key concepts in market microstructure—market liquidity and price discovery—and explains why these are ...
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This introductory chapter begins with an overview of what this book is about. It identifies two key concepts in market microstructure—market liquidity and price discovery—and explains why these are important. It then outlines some puzzling phenomena in securities markets and concludes with a discussion of the three dimensions of liquidity.Less

Introduction

Thierry FoucaultMarco PaganoAilsa Röell

Published in print: 2013-03-25

This introductory chapter begins with an overview of what this book is about. It identifies two key concepts in market microstructure—market liquidity and price discovery—and explains why these are important. It then outlines some puzzling phenomena in securities markets and concludes with a discussion of the three dimensions of liquidity.